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House Price Crash Forum


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About Yvonne

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  1. Imo it's unreasonable for sellers to put Offers Over in the current climate. Deluded. It puts everyone off, I was told this by an estate agent last year so can only imagine what they are saying to vendors now! I was also told that reducing the price by 25k opens you up to a whole different market as like someone else said, some people don't like to negotiate too much, to a level they would deem as cheeky, so won't even consider those houses listed above a certain price level. Generally I just avoid houses listed Offers Over like the plague now as it says they aren't truly interested in selling so I don't waste my time. Good to hear that offers of 20% below the asking price are being considered....Fingers and toes crossed for everyone.
  2. I'm actively looking at the moment. Been looking for a while now following getting divorced... Just put an offer in on a house near Colchester, priced at 450k. Started at 10% below then went up to 420k, both offers rejected. Agent indicated 425k would probably be acceptable but not sure I like it enough as I'm thinking I'd probably rather be closer to Cambridge than Colchester (v flexible on location), so going to let it go and 5k extra still has to be earnt at the end of the day. Also garden was a bit small for me and the cat (really the cat is running the house search lol). Of all the houses I've been to see (and I've seen probably around 10 or so now) over the past few months, they're all still on the market. Imo there is a stand off at the moment between buyers ready to buy at a realistic price and sellers wanting the maximum price for their property and in denial about possible impact of hard Brexit. Especially at certain price levels though, buyers willing to pay top dollar just aren't there. The only houses I'm seeing come and go quickly on rightmove are those priced to sell....
  3. Thanks for all the feedback. I'm ideally looking to buy in Suffolk or Norfolk. I do think we're seeing signs of the bubble making hissing sounds from London and that it takes time to spread out. I remember someone I knew in Hertfordshire a few years back now who also had a property in London and was desperate to get shot of the London property when the whole Brexit thing started....so it's all taking time to filter out. I presume it will take even longer to impact on markets like Manchester etc (may be even a year after things start to change in the South East). Starting to see reductions in the Home counties for sure...The marital home that I got my share from, was in Hertfordshire and in terms of selling that, it was very much a case of sitting around waiting for a year, and having to take not quite 10% off the price but not far off of it, so looking around now, I expect 10% off the property I buy. However, like others have said, quite a few sellers don't appear to be willing to knock 10% off their properties currently. I guess it depends if you actually want to sell or are happy to just have your property sit on Rightmove for 2 years or more (which must drive the Estate Agents insane)....In my experience agents will try to pressure you to reduce if the property isn't getting enough interest as it obviously costs them money to just showcase properties on Rightmove. Mostly the type of property I want to buy is about 10% more than I want to pay without being mortgaged to the hilt. I think I'll wait it out until after the end of October and the latest on Brexit...as quite a few properties have been added over the summer and the owners probably think they are going to get a miraculous summer buyer coming out willing to pay top dollar despite Brexit etc.... From what I can see currently there is very much a standoff still between people wanting top dollar for their properties or thinking their property is somewhat special....and what people who are ready to buy actually want to spend....Even when I bought with my ex in 2009, it was a case then of finding the people actually bothered about selling for a realistic price (bought last time from 80 year olds wanting to go in to a nursing home). I'm still going to look around, but probably going to have to scout around for a probate sale, a divorce or some oldies looking to move to a nursing home....i.e. people actually motivated to sell.
  4. Currently looking for a house, post-divorce, but will probably sit it out until after end of October to see if there is much movement on prices. Anyone else been viewing properties recently? I'm looking in East Anglia and have noticed a few differences to when I last looked in 2009....most estate agents aren't aghast when you say my budget is x, this house is on for 10% more, is it worth viewing it. Instead, the response is, I'll ask the seller and the answer is generally ooh it's too low for them but they'd consider mid-way (between the asking price and what I want to spend). I am generally saying ok I'll revisit in a month or so, thinking that they may have to revisit their expectations in a month or so. Also, one house I'm going to view is a landlord looking to offload from his portfolio. I also know of 2 people whose landlords are now looking to sell....Interesting times... Has anyone else been looking for houses? Putting in cheeky punts?
  5. Some people start businesses in their 50s https://www.hiscox.co.uk/business-blog/how-age-can-be-an-asset-for-entrepreneurs-the-rise-of-the-50-startup/ If I had time to start a new business I think some website and app Uber style for car washing services to people’s doors or window cleaning would be worth looking at. Or dog walking services; connecting people and ideally getting the walkers to wear company t shirt and wear a camera recording their time with dog, that would reassure a lot of owners (you’d have to think of some way to ensure people don’t bypass your website, perhaps by giving less jobs to self employed dog walkers who don’t get repeat business and creating seed of doubt in dog owners’ minds about safety of not dealing via company and having good video systems etc that would be hard for individual dog walkers to recreate. I also thought weddings would be another good area to get in to, as people seem to go mad with budget, but our local wedding shop just shut down so could be wrong about that.
  6. Haven Immigration is only part of the story and definitively not the most significant imo. It will have boosted btl but low interest rates and cheap credit have all played a bigger part imo.
  7. Agree with this. Even post Brexit we will not see an end to immigration imo, we will instead see immigration in return for trade deals or such like. Immigration alone didn’t cause the housing crisis. It probably has had quite an influence on the BTL boom though, most immigrants have bugger all assets for quite some time so I doubt huge percentages have bought houses.
  8. Not good news for Uber who may struggle to retain workers but I’m not sure I feel sorry for that company.
  9. In that case though the new agent may have more properties and get the vendors who want top dollar but if they are over priced properties will they sell at all in this market, in which case you may be better off being the agent with less listings but more realistic prices. Isn’t that the business model of express estate agents..or whatever they are called.. The problem with overpricing properties is like others have pointed out, vendors then get attached to the original valuation and may lack the flexibility to reduce the price. These new kids on the block may have got away with the approach you outline before but I’m not sure they will continue to do so, as there comes a point when they may be working for nothing.
  10. This time though we have Brexit uncertainty causing a lack of confidence in the economy and aren’t transaction levels falling which usually seems to go hand in hand with price falls. Im no expert on economics but isn’t lots of it based on sentiment and I think we’re seeing changes there with prices falling in London.
  11. Oh I love this Lee James Pendleton, even if he is just doing a PR piece, it’s getting the message out there that there is a standoff in the market between sellers and buyers and if the standoff continues the ones with the real power to negotiate on price with those vendors who actually want to sell or need to sell are the buyers.
  12. I wonder if in a few years estate agents will become more like property consultants, like Phil and Kirsty’s love it or list it (there is also a similar US programme); where they will get paid for advice on interior design, valuation and listing. It seems the only way for them to adapt and survive. There must be loads of estate agents fed up of advertising properties for people only serious about selling for their dream price. Still I don’t have much sympathy for them as their greed is partly responsible for the current crazy situation. They don’t help themselves though by over valuing properties just to get listings which also involves wasting people’s time.
  13. Aren’t there still options for people out there though to move areas? There must be parts of Wales and certain places that are affordable to buy still, although really you do need to have some kind of online business or something of that nature for lack of local jobs to not matter. I do agree that odds are totally stacked against most people though if you want to choose to live in the South East. The sums currently don’t add up for new entrants in the South East.
  14. People also get hung up on estate agents initial valuations, I know a woman from work trying to sell a house she inherited, refusing a price lower than estate agent valuation because well that’s what the estate agent valued it at.... I did point out that estate agents some times over value to get the business.
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